American Express Serve has announced a free nationwide cash load network and the addition of new money management capabilities to its full-service reloadable prepaid card accounts - along with a new monthly fee to begin in December.
The new features include: Direct Deposit, Bill Pay, Mobile Check Capture, Personal Financial Management Tools, and Reserve, which allows customers to put money aside for future expenses. American Express says these enhancements are "designed to meet the needs of the nearly 70 million Americans underserved by traditional financial services."
“Unfortunately, the traditional banking system is not easily accessible to large segments of the population, making managing money cumbersome and expensive for many,” said Dan Schulman, group president, Enterprise Growth at American Express.Starting next month, American Express Serve customers will be able to take cash to the register at more than 14,000 participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve Account. This is made possible through a relationship with InComm and its Vanilla Reload Network.
“We launched Serve two years ago with the simple idea that consumers needed a better way to move their money. Today, we’ve added a number of new features to make the management and movement of money more affordable and convenient for everyone.”
American Express Serve also announced it will start charging a monthly fee of $1 beginning December 3, 2013. The $1 monthly fee is waived if customers use Direct Deposit to load their account or add $500 or more to their account during a monthly statement period.